Best Buy Names Former Carlson Chief Joly as New CEO

By

Anupreeta Das and

Sharon Terlep

Updated Aug. 20, 2012 4:12 p.m. ET

Best Buy Co. on Monday named a new chief executive to lead the company as it struggles with falling sales and manages a public back-and-forth with founder Richard Schulze, who proposed to take the retailer private earlier this month.

The new CEO, Hubert Joly, was chief executive of hospitality and restaurant giant Carlson—which includes businesses such as Radisson and T.G.I. Friday's—before he stepped down Sunday for the Best Buy...